the RBI stated that the transition to the new punitive charges regime should occur on or after April 1, 2024, but no later than June 30, 20...

Regulated entities, which include banks and NBFCs, have been asked to ensure that the instructions are implemented in respect of all the fr...

The RBI has released a circular extending the deadline to implement the revised guidelines on how banks, NBFCs are charge penal interest an...

The Reserve Bank of India (RBI) in August had instructing banks not to use penal interest rates as a revenue enhancement tool but rather to...

Lenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said...

When an individual opens a savings bank account, he/she is required to maintain the minimum balance in the account as per the bank's policy...

The Reserve Bank of India (RBI) has issued a circular on August 18, 2023 on penal charges that banks and other lending institutions can cha...

Banks and non-banking finance firms (NBFCs) in India have been barred from imposing penalties in case of any default of the contract's term...

The Reserve Bank of India (RBI) has noted that many Regulated Entities (REs) impose penal rates of interest in addition to the acceptable i...

The quantum of penal charges should be proportional to the defaults/non-compliance of material terms and conditions of loan contract up to ...

The Reserve Bank of India (RBI) is set to cap the penal charges levied by the banks and non-banks related to loans payment missed by borrow...

Currently, the penal amount levied varies within banks and also among NBFCs. The penal charges levied are arbitrary by the bank i.e, each b...

While RBI norms require the penalty be proportionate to the shortfall in meeting minimum balance, the charges imposed by most banks are out...

Govt said banks can levy penal charges on the amount of difference between the actual balance maintained and minimum balance as agreed upon...

The guidelines with respect to levying of penal charges for non-maintenance of minimum balance will come into effect from April 1, 2015.

The high court on Tuesday observed that banks recovering penal charges from customers not maintaining minimum balance in their accounts mig...

The Reserve Bank of India (RBI), on Friday notified all scheduled commercial banks that it would charge penal interest for default in maint...